Extensive memorized catechism concerning the EA and FC Degrees (MM is not  mandatory). Examination is also required in open lodge.
The Code allows the individual  lodge to determine the proficiency of the candidate. Some lodges use this  means for shorter versions of the catechisms. 
From 1998 Proceedings:
Approved a resolution that would have permitted candidates to advance if they are examined before a committee, rather than the full lodge, if with the consent of the lodge.
But, while a resolution to permit lessons to be turned in before a committee was  accepted in 1998, it required a change in the Constitution. Therefore it was  sent to the lodge for a vote at their annual communication in June 1999. As  reported on page 65 of the 1999 Proceeding "Proposition 6 was rejected. The  vote was 155 lodge Aye - 170 lodge Nay. It would require 231 votes to pass.

"Officially" it still is long memorization. Most lodges make a good attempt at getting the candidate through the Q&A of EA and FC degree. No proficiency is required for the MM degree. Is it abbreviated by some lodges? Yes. But the vast majority try to comply with the rule of memorization of all the Q&A of the first two degrees. The Handbook of Masonic Law allows the lodge to determine what is "suitable proficiency." It could be a course of study. There is some contradiction here, but the basic understanding is that the candidate for the FC and MM degrees are to be found "proficient" in the preceding degree.

The Grand Masters in 1999 and 2000 issued edicts allowing each Master to use an alternative method (other than memorizing a very long series of answers to catechism questions) for candidate advancement. This alternative method requires:
1. Each candidate must memorize the part of the catechism of the EA and FC degree dealing with due guards, signs, grips, and words.
2. Each candidate and his ritual coach must discuss in detail exactly what the candidate is obligated to in his EA and FC obligations, so the candidate thoroughly understand his obligations (but does not have to memorize their words).
3. Most importantly, each candidate must meet with a Masonic education coach and go over booklets that have been prepared for each degree (EA, FC, and MM) that contain dozens of questions and answers designed to teach each candidate all about Freemasonry --- its ideals, philosophy, charities, structure, history, customs, etc. --- so each candidate can become a knowledgeable Freemason.
Masters of Lodges are to appoint a committee of 3 to meet with each candidate to insure that he has covered each of the 3 requirements listed above, and he is then eligible to advance to the next degree. There are no requirements for MM's after receiving that degree, but they are encouraged to meet the same requirements listed above, and there is an education book for MMs, too.
The previous requirements for advancement, which is still an option for each Master, are:
Sec. 2.110 of the Methodical Digest requires that an EA of FC must be examined in open Lodge in the degree from which he seeks to be advanced, and should prove himself proficient in the catechism of the degree (meaning he has to stand at the altar with his coach, and respond to questions with the exact words of the answers that he has memorized), after which a ballot shall then be taken upon his Masonic proficiency, and if there be a majority in his favor he is thereby eligible for advancement. The Master may have the ballot on Masonic proficiency circulated collectively on all candidates examined on the same degree at that communication. If the collective ballot does not show a favorable majority, it must then be circulated separately on the Masonic proficiency of each candidate included in the collective ballot.